San Diego: Shambling Towards Affordability

A

Anonymous_IHB

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Some interesting graphs there, wish we had some like that for Irvine ...

<A href="http://piggington.com/shambling_towards_affordability_december_2008_edition">http://piggington.com/shambling_towards_affordability_december_2008_edition</A>
 
Some areas were already below affordability in Q3 of 08.



<img src="http://s.wsj.net/public/resources/images/NA-AW110A_RENTO_NS_20090224194419.gif" alt="" />
 
Also, piggs chart shows that prices are now 7X income. while that may be parity to the past 25 years, it is by no means "affordable".



Even if you consider he uses individual, not household income, and guess 1.5 incomes/household, that would put it still at 4.7X household income.



ie Still sucks.
 
[quote author="freedomCM" date=1238030103]ie Still sucks.</blockquote>
Did you mean "The IE still sucks" ala no_vas?



I was in SD last weekend, Bressi Ranch... those houses are nice... if you don't mind the 5 hour drive off the 5 to get there.



It reminded me of bk, to my left were these HUGE houses with 4-car garages... to my right were garage-in-the-back style that bk prefers. My friends live in the bk-style homes and the floorplans are really nice since they don't have to build the bottom floor around a front garage... I think they were Lennar homes. But I still wanted to see what those 4-car models were like.



I'm just amazed how much these houses go for so far away from big job centers, I realize that much of Carlsbad is industrial, but current listings of $250 per sft for the larger SFRs still seems too high for the location.
 
no I was not commenting on the inland empire. though housing kaboom did a post today about $50/sf for 3500sf houses in san jacinto!



I neglected to insert the periods. i.e. still sucks, id est still sucks, that is still sucks. San Diego housing prices still suck, outside of the really marginal areas that are probably not attractive to people who post on housing/economics forums.



Not unlike TheOC, where prices in A, SA, GG, etc are now slumping towards affordability, while the areas that you and I are interested in seem not to have dropped below 2003 levels.
 
[quote author="norcaljeff" date=1238760438]7 X income? Wow, that's huge, esp considering pay in SD is crap. More price decline in 2009!</blockquote>


It's per capita income. Which is total county income/ total county population.
 
[quote author="No_Such_Reality" date=1238917484][quote author="norcaljeff" date=1238760438]7 X income? Wow, that's huge, esp considering pay in SD is crap. More price decline in 2009!</blockquote>


It's per capita income. Which is total county income/ total county population.</blockquote>


That's even worse since the areas inland are getting killed.
 
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